Family-run timber firm sold in MBO transaction

A family-run timber and builders’ merchants has changed hands in a management buy-out.

Kelvin Timber, which has branches in Milngavie and Hamilton, was set up by brothers Frank and Vincent Mchugh in 1970.

It has now been acquired by Frank’s son Richard Mchugh, who has been a director in the business since 2011, together with the company’s existing managing director Mark Maginnis, who has worked for it since 1994.

Richard Mchugh said the buyout was the start of an “exciting new era for the company”.

“While we do not intend to make significant changes, we have identified subtle modifications with the aim of facilitating growth and driving performance.”

Iain Walker, director of corporate advisory at accountancy firm French Duncan which worked with the firm on the buyout, said: “The company has an established customer base, a strong financial performance and is highly regarded amongst its customers and with the wider building trade.”